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It’s the journey, not the destination
Key points
- To navigate the introduction of continuous transaction controls (CTCs) firms must ensure their data is detailed and presentable in real-time or almost real-time.
- Businesses need to understand new requirements through the lens of data becoming available to tax administrations rather than viewing CTCs as a new IT formality.
- Businesses must start investing more into their own data analytics capabilities.
- To ease the transition of tax digitisation businesses should focus on adapting their tools to deliver better data insights.
Tax is a distraction – and sometimes a source of frustration – for businesses. In the area of indirect – or consumption – tax such as VAT government requirements are at best financially neutral but they always create administrative burdens.
Many large companies have in-house or outsourced teams of VAT compliance specialists that are trained to make sure that compliance is always upheld ...
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